Soreide Law Group is conducting an investigation on behalf of investors who may have suffered losses due to the actions of previously registered broker David Leslie Arlein (CRD#: 7145, Boca Raton, Florida). Known to have been affiliated with Cabot Lodge Securities LLC from March 12, 2014, to October 26, 2022, Arlein has been implicated in a number of client disputes alleging various forms of misconduct. These allegations include breach of fiduciary duty, misrepresentation, and negligence particularly involving GWG L Bonds and other complex investment vehicles.
Specifically, on July 6, 2023, a client of Cabot Lodge Securities LLC initiated FINRA Arbitration: 23-01916 against David Arlein. Namely, the client alleged breach of contract, negligent misrepresentation, breach of fiduciary duty, failure to supervise, and negligence concerning the purchases of GWG L Bonds during the year 2020. Due to this, the client allegedly experienced financial harm. Consequently, the client requested $300,000 in damages from Cabot Lodge Securities LLC or Arlein. Evidently, this arbitration is pending a resolution.
Also, a client of Cabot Lodge Securities LLC brought FINRA Arbitration: 23-00105 on January 12, 2023. Supposedly, David Arlein engaged in breach of fiduciary duty, negligent supervision, negligence, and breach of contract. The investor also alleged violations of Securities Exchange Act and Securities and Exchange Commission rules, as well as violations of the Florida Securities and Investor Protection Act. It appears that Arlein's actions led the client to sustain damages with the purchase of GWG-L Bonds. Therefore, the client is seeking compensatory relief from Cabot Lodge Securities LLC or Arlein in the amount of $500,000 to $1,000,000 in this ongoing matter.
Particularly, a client of Cabot Lodge Securities LLC filed FINRA Arbitration: 20-03489 concerning David Arlein. Evidently, the client alleged breach of contract, violation of state securities statutes, breach of fiduciary duty, gross negligence, omissions, failure to supervise, along with various statutory claims related to investments in non-traded REITs, UITs, BDCs, private placements, and GWG L-Bonds. As a result, the client purportedly suffered losses totaling $300,000. Therefore, on October 1, 2021, Cabot Lodge Securities LLC settled this matter by paying the client $200,000 in damages.
Additionally, a client of Cabot Lodge Securities LLC contested David Arlein's sales practices by filing FINRA Arbitration: 19-03213. Supposedly, Arlein engaged in negligence and recommended transactions that were unsuitable for the client. It appears that Arlein caused the client to sustain damages on non-traded REITs. Therefore, Cabot Lodge Securities LLC opted to settle the matter on November 20, 2020, for $150,000 in damages.
Evidently, on October 27, 2016, the State of Florida, Department of Financial Services issued Case: 194625-16-AG sanctioning David Arlein for infractions. Specifically, the State of Florida alleged that Arlein solicited business without the proper licensure. This regulatory action against Arlein resulted in a 90-day suspension of his insurance license and a fine of $2,500, which he paid on the resolution date.
Moreover, a client of Jesup Lamont and Fintegra LLC contested David Arlein's sales practices by filing FINRA Arbitration: 14-00090. Supposedly, Arlein made bad recommendations to the client. It appears that Arlein caused the client to sustain damages on UITs and direct investments. Therefore, the firm and Arlein collectively opted to settle the matter on May 19, 2014, by compensating the client in the amount of $35,000.
Did you experience losses because of David Arlein? If so, reach out to Soreide Law Group or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Arlein and brokerage firm Cabot Lodge Securities LLC deny accusations of sales practice violations.
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